Marine Navigation Systems Market 2018 Global Key Players: DANELEC MARINE, Kongsberg Maritime,FLIR Systems, Northrop Grumman, Honeywell International, Safran Electronics & Defense

Marine Navigation System Market, By Type (Chart Plotter, Electronic Navigation Chart, Others), Application (Ship, Remotely Operated Underwater Vehicle, Autonomous Underwater Vehicle, Boat) End-use Industry (Defense, Commercial) and Region - Forecast till 2023

Marine navigation systems are essential units used by naval vessels for the navigation of temperate waters. The evolution of software and electronic instruments has led to enhancements in design of navigation systems. These systems can ensure journeys on sea smoother and safer. The global marine navigation system market is predicted to experience a 12.42% CAGR during the assessment period (2018-2023), as per an in-depth report by Market Research Future (MRFR).

The rise in naval security budgets of various nations coupled with emphasis on maritime security can drive market demand during the forecast period. An uptick noticed in naval trade and rise in coastal tourism are factors which can augur market growth. Recreational activities of fishing and upgradation of fishing vessels can provide prime opportunities to the market in the coming years.

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Competitive Landscape

Wartsila, Kongsberg Maritime, Raytheon Anschutz, and Northrop Grumman Sperry Maritime B. V. collectively accounted for more than 49% of the market share of the global marine navigation system market in 2017. These companies continue to retain their strong global presence through expansion, merger & acquisition, and extensive product portfolio.

In 2017, Wartsila was the leading player in the market. The company has diversified its business in the fields of smart technologies for marine and energy industries. The company had a workforce of approximately 20,000 people, as of 2017, and is among the premier companies that provide marine navigation system. The company has acquired Transas to enable the company mission to disrupt the industry by establishing a Smart Marine Ecosystem. Their dominance is likely to remain unchallenged during the assessment period.

Kongsberg Maritime held the second position in terms of market share, in 2017. It specializes in the manufacturing of systems for positioning, surveying, and navigating offshore installations. It provides radars, chart plotter, display system, navigation sensor, and gyrocompass, among others. The company has two business segments, namely, Secure Solutions and Cash Solutions. The company has its production centers, research and development engineers, and personalization & data centers across regions such as Norway, Australia, Europe, the U.S., Germany, Canada, France, Sweden, Brazil, and England with a strength of more than 6830 employees. The company had signed a contract with Equinor Energy AS to deliver the Safety and Automation Systems (SAS) for the phase 2 of the Johan Sverdrup development in the Norwegian North Sea.

Raytheon Anschutz acquired the third spot in the market. The company provides state-of-the-art mission systems integration, electronics, and other capabilities in the areas of sensing, command, control, communications and intelligence systems, as well as cyber security and a broad range of mission support services. The company provides solutions for commercial ships, yachts, naval surface ships, and submarines, among others. The company has production centers, research and development engineers, and personalization & data centers across regions, such as Singapore, Shanghai, the U.S., the U.K, Brazil, and Panama.

Northrop Grumman Sperry Maritime B. V. is one of the most competitive players in this market. It offers navigation solutions, including radars, compass systems, steering systems, speed logs, integrated bridge, and control systems for the commercial and maritime defense industry. The company operates in over ten countries, with an extensive presence in Europe, the Americas, and Asia with a total of 500 employees working for them. The company is investing in research and development (R&D) to strengthen its future technologies and build a strong brand image.

Expansion of a marine navigation system in an emerging market is a key focus area for players as the demand for more effective and application-specific marine navigation system market continues to grow. These players are focusing on high levels of connectivity and digitization in marine technology. It is vital for these players to offer cost-effective and customized services to succeed in the competitive market environment. Companies continue to emphasize the adoption of new growth strategies to gain a greater foothold in the market on a global level.

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